Russia Tightens Cryptocurrency Transaction Scrutiny for Large Businesses

Russia's banks are stepping up their scrutiny of cryptocurrency transactions as part of a broader effort to crack down on illicit activity.

The new regulations, which come into effect in July 2027, will require large businesses and companies engaged in foreign trade to provide detailed explanations for each transaction, including the source of funds, the purpose of the purchase, and the recipient of the payment.

Cryptocurrency expert Evgeny Kaminsky notes that these measures are primarily aimed at companies involved in foreign economic activities, rather than ordinary citizens.

The regulations reflect a growing trend towards greater regulation of cryptocurrency transactions in Russia, with banks seeking to prevent money laundering, terrorist financing, and other illicit activities.